Leading mall operator Majid Al Futtaim has partnered with Binance to accept cryptocurrency at its malls and other properties. “Majid Al Futtaim is one of the most prestigious companies in the Middle East and has millions of customers every year,” said Binance CEO.
Majid Al Futtaim dives into Crytpo with Binance
Majid Al Futtaim, a leading operator of shopping malls, hotels, cinemas, hypermarkets and retail stores in the Middle East, Africa and Asia, announced last week its strategic partnership with the global crypto exchange Binance. The two companies will cooperate on a number of crypto and blockchain projects.
First, Binance Pay will be integrated to enable millions of customers to pay with cryptocurrencies “in Majid Al Futtaim’s various destinations in accordance with appropriate laws and regulations,” the announcement notes. Binance Pay currently supports over 40 cryptocurrencies, according to the Binance website.
Changpeng Zhao (CZ), CEO and co-founder of Binance, tweeted last week:
29 malls, 13 hotels, and four mixed-use communities now accept crypto through Binance Pay. Adoption continues.
According to the company’s investor presentation released in February, Majid Al Futtaim operates in 17 countries.
The group’s properties include 29 shopping malls in five countries in the Middle East and North Africa, including Mall of the Emirates, Mall of Egypt, Mall of Oman and Mall of Saudi. In 2021, its shopping centers had 175 million visitors.
The company also operates 423 Carrefour stores in 16 countries in the Middle East and has exclusive franchise rights in more than 30 countries in the Middle East, North Africa and the Commonwealth of Independent States (CIS).
In addition, the group also operates 13 hotels (11 in the UAE and two in Bahrain) and 607 cinema screens.
“Majid Al Futtaim is one of the most prestigious companies in the Middle East and has millions of customers every year,” Zhao continued. “The integration of Web3 technologies will give its customers access to new, innovative ways to engage with its brands and provide new ways to pay.”
Other projects the two companies will collaborate on include listing non-fungible tokens (NFTs) on Binance’s marketplace and creating a digital wallet infrastructure to hold cryptocurrencies from multiple platforms.
What do you think of the partnership between Binance and Majid Al Futtaim? Let us know in the comments section below.
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Dubai Retail Giant Majid Al Futtaim Accepts Crypto In 29 Malls And 13 Hotels In Partnership With Binance
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